The following diagram shows supply and demand in the market for smart phones. Use the black point
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Question:
The following diagram shows supply and demand in the market for smart phones.
Use the black point (plus symbol) to indicate the equilibrium price and quantity of smart phones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus.
Total surplus in this market is ($ )million.
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